Vinalines seeks alternative ways to reduce debt

Hanoi: If Vinalines is to pursue its own way of debt settlement it will require the government to amend a series of regulations
First, the Ministry of Finance’s Debt and Asset Trade Corporation (DATC) would need to negotiate with banks – the creditors of Vinalines – to buy VND10trn worth of Vinalines’ debts. Vinalines cannot buy its debts back directly from the banks.

After that, Vinalines would get its debts back from DATC at the prices DATC pays to banks and pay DATC the debt management fee.

Second, Vinalines wants the government to allow it to retain the receipts from the ports’ IPOs to increase its chartered capital and to pay debt to DATC. It expects to earn VND653bn from the IPOs.

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